Sydney Investors Eye Up Newcastle

182-188 Hunter St, Newcastle_High Resolution-1 (Small)With Sydney prices rocketing along Raine & Horne Commercial are seeing an influx of Sydney investors and developers snapping up city properties.

Alan Tonks of Raine & Horne Commercial said “In the inner city there is a real feeling of optimism and positive expectation. We have strong enquiry from Sydney developers seeking mixed use opportunities with 2 buildings recently sold totalling over $5 million”.

This increased competition is sending prices higher as the market fights for scarce city buildings which look cheap compared to Sydney prices.

In a recent campaign to sell 182-188 Hunter Street, we fielded over 72 enquiries with 25% of those from Sydney buyers new to the Newcastle market. The historic School of Arts building on the corner of Wolfe Street sold to interests associated with Berkelouw Books.

Another property at 108-112 Hunter Street recently settled for $3,500,000 in an off market transaction with the buyer eyeing a residential transformation from its former commercial office use.

“For locals who held on through tough times it is now a great time to sell” said Alan Tonks.

Alan Tonks
Commercial Industrial Specialist

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